Archive for Real Estate Trends & Statistics
Highlights of Phoenix Metro Real Estate Market in 2009
Posted by: | Comments- Listing volume down 15% from 162,000 (2008) to 147,000 – Those Sellers in the market are much more realistic and ready to sell
- Sales volume jumped 55% over 2008 – up 60,000 units to over 93,000
- Median Sales Prices for 2009 are down 11.5% (8% for Average Sales Price) - Positive news because 2008 saw a severe drop of 37%!
- Total Sales Volume increase of 35% – Up from 11.6 billion in 2008 to 15.7 billion in 2009 – This was the first rise in FOUR YEARS!
Information from ARMLS (Arizona Regional Multiple Listing Service)
2010 Tax Credits Available for Repeat Buyers and First Time Home Buyers
Posted by: | CommentsIt’s still not too late to take advantage of the homeowner’s tax credit. It’s not just for first-time home buyers but for repeat buyers too. Buyers who have a contract in place to purchase a primary residence by April 30, 2010, and close the transaction by June 30, 2010, can qualify for the tax credit.
Foreign Real Estate Investment in US Cities
Posted by: | CommentsIt is interesting to see the recent surge in foreign real estate investment in Washington D.C. and in New York. Washington D.C. had more foreign real estate investment in 2009 than any of the 3 years prior with New York stretching it’s 2009 mark almost to the high mark of 2007. In contrast, foreign investment in Los Angeles has not rebounded like San Francisco. This information is from AFIRE ( Association of Foreign Investors in Real Estate), the official voice of foreign real estate investors in the United States.
Chart of US Cities - Foreign Real Estate Investment 2007-2009
House of Representatives Pass Anti-Deficiency Fix – SB1004
Posted by: | CommentsI just received word that the House of Representatives unanimously passed SB 1004 . With this fix, Arizona will continue to operate as a deed of trust state with the protections that have been in place since 1971. SB 1004 repeals and replaces ARS §33-814 which essential returns the statute to its original status prior to the passage of SB 1271. This bill passed as an emergency pass which means it will go into effect as soon as signed by Governor Brewer.
Scottsdale-Phoenix Real Estate – Most Searched Zip Code in 2008
Posted by: | CommentsAccording to Zip Realty, Phoenix –Scottsdale real estate was the second most frequently searched zip code for homes for sale in 2008. Here is the list of the top ten – and Phoenix zip codes made 5 of the top ten spots. Phoenix, Scottsdale, Chandler, Mesa and Gilbert all made the top ten list. Zip Realty is in 35 markets.
- Phoenix – Phoenix
- Phoenix-Scottsdale
- Phoenix-Chandler
- Orange County-Irvine
- Las Vegas-Summerlin
- Phoenix-Mesa
- Orlando-Orlando
- Phoenix-Gilbert
- Atlanta-Atlanta
- Las Vegas-Henderson-Green Valley
Scottsdale Foreclosure Report – Freddie Mac homes
Posted by: | CommentsI received the latest update dated December 22, 2008, for the current foreclosures of Freddie Mac homes in Scottsdale. There are 15 total foreclosure homes in the following Scottsdale zip codes: 85251, 85255, 85258, 85259 and 85260 (These are the zip codes I subscribe to but I have access to others, if you are interested). Typically, foreclosed homes are not maintained and need a bit of work. But the price can make the work part seem manageable. Let me know if you’d like more information about any of these homes.
Click here to see a zip code map of Scottsdale
| Zip Code | # Homes | Low Price | High Price |
| 85251 | 6 | $79,900 | $127,900 |
| 85255 | 5 | $119,000 | $349,900 |
| 85258 | 2 | $304,900 | $312,900 |
| 85259 | 1 | $234,900 | $234,900 |
| 85260 | 1 | $239,900 | $239,900 |
Economic Calendar for the Week of December 01 – December 06
Posted by: | CommentsJust in – as provided to me by Linda Smith of Eagle Pro Mortgage.
Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.
Paradise Valley Luxury Tour – Arizona Luxury Statistics
Posted by: | Comments
Paradise Valley Luxury Tour meets every other week, and is one of the best realtor home tours in the valley for several reasons:
1. There are always a huge number of agents who go on tour and they actually take the time to give constructive feedback on the listings.
2. Outstanding agents attend and it provides an opportunity for us to network and share with one another.
On November 21, we toured 10 homes ranging in price from $2,495,000 to $6,950,000. My favorite home is a spec home, listed for 
$5,750,000 (just reduced from $6,498,500). This home is 11,585 square feet on a 80,776 square foot lot on Casa Blanca Drive in Paradise Valley. Click here to view the MLS listing including all 50 photos.
One of my pet peeves is what I call the “luxury tract home”. The “luxury tract home” syndrome is caused by spec home builders who found a design formula that worked and never deviated from it. This means that many homes I view, look just like 5 others I saw in the last week, which of course is at odds with the whole concept of a luxury home. If one is going to purchase a luxury home, then typically, one expects that it should be unique in every way. Who wants a cookie cutter luxury home or an extra large “tract home” with granite?
Why was this home on Casa Blanca one my favorite? This builder dared to put some personality into the home. It is very large, very palatial and yet pretty livable. Actually, I don’t think the photos do it justice. It is much prettier with the crisp accent of Arizona sunlight. I love detail and I notice everything. This home was built with a very high standard of craftsmanship from the dome ceiling murals to the pavers on the driveway. And – I love all the Spanish tile. It is truly a home with a unique and classic touch. Call Melissa at 480.621.4044 if you’d like more information about luxury homes or broker representation to tour this home or other luxury homes in Paradise Valley.
Market Surprises in Phoenix Real Estate
Posted by: | CommentsPhoenix Will Rise Again!
Came into the office today and Eric Chambers, one of my top real estate agents told me that the offer he placed for a buyer had not only been declined but that the Seller had accepted another offer that was over list price! Wow – wish I knew the details. Did they ask for closing costs? The home had been on the market 4 days.
There are definitely smart people out there buying.
Last night my husband and I watched a PBS short documentary from our Tivo cache titled: “Making Sense of Place: Phoenix, the Urban Desert.” It was fascinating and ensightful about the history of growth in Phoenix and of the future growth as well. One of the ending comments was:
“This land of possibility and growth, this Valley of the Sun, is a place where many more people will choose to pursue the American dream.”
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The State of the Real Estate Market in Scottsdale and the Greater Phoenix Metro Area
Posted by: | CommentsI’m getting all sorts of requests for information about the ever changing real estate market in Scottsdale and the Greater Phoenix Metro Area.
It is easy to find statistics and opinions everywhere. In general, here are the issues and forecasts as presented by some reliable economists (see below). Although the real estate market in Scottsdale and Phoenix is sluggish, the long term forecast for Phoenix area is good. In the meantime, the recovery is still at bay, for possibly 3 to 5 years.
Today’s Local Market Facts
- Existing inventory of resale homes about 25,000 too many
- Excess builders inventory
- Foreclosures growing
- Median sales price for single family homes (Phoenix Metro) have declined 7.8% since the 4th quarter of 2006
- Lenders have much stricter requirements
- Many would be buyers need to sell a home first
- Economy is still stable
- Economic Stimulus Package will make home loans more affordable
Predictions for 2008
- Prices will decline by another 10 – 15% ( this varies throughout the valley)
- More homes will sell towards the end of 2008
- Home building will decline
Indicators of a Recovery
- Inventory falls below a six month supply
- Most homes in foreclosure are resold
- Days on the market falls below 180 days
- Prices begin to climb
What Should You Do Now?
In a commentary dated February 14, 2008, NAR economist, Lawrence Yun references Warren Buffet’s investment philosophy that states “when everyone is greedy, be scared and when everyone is scared, be brave”. Yun goes on to say: “Now, I am not an investment counselor and I do not encourage people to buy simply based on this logic. Rather, if people have the financial capacity and are looking for a home for the long haul, the fear factor should be put aside. Current situations in many local markets present a golden opportunity in attaining the American Dream with historically low interest rates.” Personally, I think there is a great amount of truth in what he says. I believe that the increased ceiling for Freddie Mac and Fannie Mae backed loans is good news for current homebuyers and that there are some great homes to buy in this market.
These observations are based on the following reliable economists comments.
- Lawrence Yun, Chief Economist for NAR (National Association of Realtors) is generally optimistic saying that “we will skirt a recession” due to job gains and housing affordability. Mr. Yun writes commentaries several times a week that you can check out here
- Dr. Jay Butler, a highly respected economist with Realty Studies at ASU gives very sound advice backed by local numbers.
- Elliot Pollack, a Phoenix economist, spoke on the Phoenix Real Estate market at the Urban land Institute conference in January 2008.